After more than 20 discoveries of hydro-carbons offshore since 2017, Ghana is now turning attention to onshore oil exploration, Freddie Blay, Chairman of Ghana National Petroleum Corporation (GNPC), told Xinhua.
He said GNPC was in the process of awarding seismic test contracts for the onshore Voltaian basin covering about five of the ten administrative regions (provinces) in the West African country.
“We are making more efforts at finding oil in the Voltaian Basin; therefore efforts are being made, seismic tests are going to be undertaken. Sooner than later, we are going to award the contract for the seismic tests to be carried out,” Blay said in an interview after President Nana Akufo-Addo performed the commissioning of oil production on the Offshore Cape Three Points (OCTP) in Takoradi on Thursday.
There have been initiatives by GNPC to secure financing for the onshore exploration project, using the strength of its own balance sheets to secure financing from the capital markets.
The board chairman said they would continue these initiatives while aligning them to the best interests of the country as well as achieving value for money.
“We will take care of all other plans that have been approved of before; we will not re-invent the wheel. On the other hand, if it needs to be taken care of by re-examination or taking into consideration several other factors that need to be done, we will do so. But definitely the best interest of Ghana and value-for-money will be the best consideration. And for us to do it as fast as possible,” he indicated.
The state oil explorer has since 2014 been in the market looking for 700 million dollars for its expansion, including the ambition to become a stand-alone explorer and operator in petroleum fields.
“GNPC is launching Operation Find Oil in the Voltaian Basin. The next 18 months will see more exploration activities in our quest to discover hydrocarbons in the Voltaian Basin, which stretches across the Eastern, Ashanti, Brong-Ahafo, Northern and Volta regions of Ghana,” Kofi Kodua Sarpong, GNPC Chief Executive, announced at the OCTP commissioning.